Insolvency and Bankruptcy Code, 2016

An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons..

  • IBC, 2016 is legal framework for resolution of Insolvency of corporate person, individual and partnership firm in a time bound manner.
  • IBC was introduced in 2016 and has resulted in behavioral changes in debtor - creditor relationship
  • During last 3 year, IBC has been instrumental in resolving stressed assets.
  • IBC has been implemented in India in phased manner and provisions relating to Individual insolvency are yet to be notified.